In Defense of “Trusted Third Parties”

Third parties

The promise of the blockchain, cryptocurrencies and smart contracts is rooted in the belief that trusted third parties (TTP) should be eliminated from many transactions in our daily lives. In cryptography, a TTP (C) acts as a facilitator between two parties (A and B)  in a transaction. Parties A and B both trust the TTP, which acts as a form of security.   TTPs are used in many commercial marketplace transactions today, from real estate, to stock trading to consumer goods. The logic behind blockchain technology replacing TTPs is that conventional…

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